My partner and I are buying a new build flat in Kensington and my lawyer is informing me that she has to the mortgage company to reveal incentives from the seller. I am under pressure to sign contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
There are plenty of conveyancing solicitors in Kensington but how do I know who's good?
Do not opt for the lowest Kensington conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am helping my step-mother sell her flat in Kensington. Does the solicitor arrange the EPC or do I organise this?
After the abolition of Home Packs, EPC’s was kept a mandatory element of selling a house. An EPC needs to be commissioned before the property is marketed. It is not a task that solicitors ordinarily arrange. If you are using a Kensington conveyancing solicitor they may be willing to arrange energy assessments given their relationships with long established local energy assessors
Forgive me if this question is silly but I am unseasoned as a first time buyer of a garden flat in Kensington. Do I receive the keys to the house on completion from my conveyancer? If so, I will instruct a local conveyancing solicitor in Kensington?
On the day of completion you will not be required to attend the conveyancers office in Kensington. Conveyancing lawyers for you will transfer the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
I'm purchasing my first flat in Kensington with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my lawyer about this deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been recommended by numerous property agents in Kensington to locate a property lawyer on your site. What’s the financial upside for Estate Agents to market your lawyers over another?
We refuse to make any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My brother has suggested that I instruct his conveyancers in Kensington. Do I follow his guidance?
Much as we are happy to recommend a Kensington conveyancing lawyer the best way to choose a conveyancing solicitor is to have recommendations from friends or family who have experience in using the firm you're contemplating using.
I own a leasehold flat in Kensington. Conveyancing was completed in 2011. I have heard that I should not let the the remaining lease term to get too low. What is the reasoning?
Kensington leasehold properties are for a fixed term - usually just under one hundred years when they are first granted. However many flats in Kensington were built or converted 35 or more years ago and so such leases now have under eighty years remaining. This may sound like a long time but Banks, Building Societies and other mortgage companies generally need leases to have at least 75 years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To optimize the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. Please note that there are advantages to doing so before the lease hits eighty years as when the lease falls below eighty years the premium to be paid to extend starts to get a lot more expensive.